Biggest maritime insurance losses in history will likely result from Costa Concordia cruise liner

According to industry experts and analysts, the ruined Costa Concordia cruise liner may become the largest maritime insurance loss in history. Early predictions are indicating that the mutual societies and insurers may find themselves losing $1 billion on the disaster in which the multistory liner which had been carrying more than 4,000 people (both crew and passengers) ran aground off the west coast of Italy, capsizing and injuring dozens of people while killing at least five. There will be two primary issues to be faced in this catastrophe which involves…

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